The superannuation industry has the highest frequency of material cyber incidents, but the lowest preparedness for cyber-crime related incidents, according to Deloitte.
“If you look at why it’s attractive, it’s the numbers,” said Tommy Viljoen leading partner, cyber security strategy and governance at Deloitte Australia. “It’s not like a bank account, where you hold a certain amount of funds in that account. When you talk about rollovers, there are no limits,” he said.
“Also, from a cyber perspective, the owners of the accounts are not reactive. You don’t go look at your super balance on a daily basis. You may look at the end of the year and notice that you have a problem, but that’s way too late. It’s ripe for the taking from a criminal perspective.”
Recently, Deloitte issued a report into risk management of cyber crime in the superannuation industry. The report pointed to the unique characteristics of superannuation that lent itself to becoming an “attractive” target for cyber-crime – over sized money pools and low member engagement.
The report also cited a complex third-party environment as a risk. Further, the industry focus on improving…
